http://MikesDailyMarketReport.com: Factory Orders rose 1.5% in June. Tomorrow, we'll see the 1st set of Jobs data for July, as the ADP will release their Private Payrolls data. We saw the increase in Initial Jobless Claims go back above 400k this past month, so I'm going with the assumption that the Jobs numbers won't look too good on Friday. This could pose as a problem for MBS, as bad news could be good news for stocks. This would possibly lead the Fed to continue with the accomodations for a longer period and boost stocks further in it's current highs. This same sentiment is occuring today with Stocks, as they're in light trading today, but still in Positive Territory. Investors are concerned about the rise in COVID cases, but view the Delta variant, as more of a slowing of the recovery (vs closing the economy again); and watching China crackdown on it's Tech companies. Meanwhile, MBS are off from their earlier highs, and currently Down 6bps. Mortgage Rates are still in the same range as yesterday's pricing, so they remain Unchanged. Yields tested the 1.15% range again today, only to be thwarted off. They're currently just under 1.18%. Both graphs are beginning to show a near-term reversal in their trends, so locking may be a good option at this time!
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